Most of the countries refused to back cryptocurrencies, such as Bitcoin, as a legal tender. Many countries like India, Singapore, South Korea and the US issued repetitious warnings in asset tradings too. Meanwhile, it is speculated or officially announced to launch their own authorized cryptocurrency by some countries, like India, China, Russia, Singapore, Venezuela, Sweden, Tunisia, Equador and Palestine.
Jio with a New Big Bang in Cryptocurrency:
Reliance Jio Infocomm Ltd after obstructing the telecommunication industry with its attracted hyper-competitive tariffs and free offers know Jio is planning to disrupt the cryptocurrency market with its own JioCoin. Akash Ambani the elder son of Mukesh Ambani going to lead the project with the young 50-odd professional team to kickstart the project. Also, they can develop applications, like smart contracts and supply chain management logistics.
After the announcement made by the Finance Minister Arun Jaitley in the Parliament informing about the cryptocurrency trading, that it is not a legal tender in India, Jio after that announced to launch its own currency JioCoin. The JioCoin might have been influenced by the Bitcoin’s appearance and the unimaginable rise of the profit over the past few weeks. The cryptocurrency before falling to at $12,000 recently, and before that at the all-time high around $17,000 might be an influencer for JioCoin.
Why Govt is in against of Cryptocurrency:
- This type of virtual currency in digital form stored in digital-electronic media known as electronic wallets. Hence most probably they are arising most of the losses, such as hacking, loss of password, compromise of access credentials, malware attack etc. The loss of e-wallet is the permanent loss for VCs as they are not traded or created by any authorised central registry or agency.
- Payments for such virtual currency includes peer-to-peer basis without any regulatory payments made under any authorised central agency. Therefore, there is no framework for customer grievances, such as problems/disputes/chargebacks, etc.
- It is also stated that these digital currencies used chiefly for illicit and illegal activities. In the absence of the information regarding counterparties of such peer-to-peer anonymous/ pseudonymous system, it is subject to suspense, like breaching the law of anti-money laundering and combats the financing of terrorism laws, etc.
- Virtual currency trader of such platforms disclosed the legal and financial risks as well, as far as these type of currencies traded on exchange platforms anchored by authorities whose legal status is unclear.
- These virtual currencies are not backed or underlying any asset, as it seems the part of a speculation game. Bitcoin’s previous growth clearly shows.
Millionaires in the Game of Cryptocurrency:
Cryptocurrency now is a new class for millionaires as everyone wants to launch their own virtual cryptocurrency in the market. Mukesh Ambani also does not want to lag behind in the race of cryptocurrency market. After Burger King who has launched its own Whoppercoin cryptocurrency, Kodak, Telegram, Bank of England and Jio, a wholly-owned subsidiary of Reliance Group led by Mukesh Ambani all set to launch their own cryptocurrency in the market.
In India, JioCoin dubbed currency under Reliance Jio surely going to play a very important role to encourage other players, such as Indian oil/energy sectors and banking too. Now it will be interesting what crucial part going to play by financial mandarins in the cryptocurrency market.
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Tags: Arun Jaitley, Bank of England, Bitcoin, Craft Driven, Craft Driven Market Research, Cryptocurrency, Electronic Wallets, Finance Minister, Jio, JioCoin, Kodak, market research, Mukesh Ambani, Reliance, Reliance Jio, telecommunication, Telegram, Virtual Currency, Whoppercoin